Brussels, 02/04/2015 (Agence Europe) - The European Banking Authority (EBA) has examined the bank supervision confidentiality schemes in twelve non-EU countries in order to facilitate the participation of prudential authorities in cross-border banks' Colleges of Supervisors.
The EBA says that the confidentiality schemes in all twelve countries are the equivalent of EU rules (Bosnia and Herzegovina, Brazil, Canada, United States, FYROM, Mexico, Montenegro, Serbia, Singapore, Switzerland and Turkey). It examined aspects such as professional secrecy and restrictions on the use and disclosure of confidential information.
The final decision about whether to include the supervisory body of a non-EU country in a College of Supervisors of a cross-border bank needs to be taken by each participating bank supervisory body. In a press release, the EBA states: “Equivalence of confidentiality regimes of 'third' country supervisory authorities is key to ensure the safe and secure flow of information within that college. Although the final decision on college membership is for each supervisor, promoting convergence amongst EU authorities is designed to eliminate inconsistencies in approaches, which could ultimately hamper the efficient and timely operation of the college of supervisors in the EU”. National supervisory bodies have until 2 June to notify the EBA of whether they intend to comply with its recommendation. (Mathieu Bion)